Vietnam-based mobile wallet MoMo raises USD 100 mln

Wednesday 13 January 2021 11:13 CET | News

Vietnam-based e-wallet company MoMo has raised at least USD 100 million from six global investors, including Warburg Pincus, as part of plans to become a super app and go public by 2025.

According to Reuters, the funding round comes to support the growth of MoMo as an all-in-one smartphone application offering multiple services, which have proved successful in countries such as China and Indonesia.

MoMo is Vietnam’s largest e-wallet by users and aims to double those to 50 million in the next two years. It was reported that the latest funding round was co-led by Warburg Pincus, its largest backer, and Goodwater Capital. Affirma Capital Singapore PTE, Kora Management, Macquarie Capital, and Tybourne Capital Management have also invested.

Furthermore, although cash remains the preferred payment method in Vietnam, the number of mobile payments reached nearly 700 million by end-August in 2020, up 980% against in the same period of 2019, Reuters stated. Therefore, MoMo might reach its goals and gain some popularity among the segment.

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Keywords: Momo, Vietnam, e-wallet, mobile wallet, digital wallet, mobile payments, investment, funding round
Categories: Payments & Commerce
Countries: Vietnam
This article is part of category

Payments & Commerce